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The Bureau of Customs collected P72.4 billion in November 2024, lower by 1.69% compared to last year’s P73.7 billion
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The November revenue was driven by lower year-on-year collections from import duties and excise taxes but was counterbalanced by higher value-added tax collections
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For the first nine months of the year, BOC collected P850 billion, 4.68% higher year-on-year and
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The cumulative figure is 90.46% of the P939.7 billion revised target for the full year
The Bureau of Customs (BOC) collected P72.4 billion in November 2024, lower by 1.69% compared to last year’s P73.7 billion, according to the Bureau of the Treasury (BTr).
The November revenue, net of P53.0 million in tax refunds, was driven by lower year-on-year collections from import duties and excise taxes, but it was counterbalanced by higher value-added tax (VAT) collections, BTr said in a statement.
Nevertheless, BOC’s total collections from January to November 2024 rose to P850 billion, 4.68% better than the January-November 2023 outturn and already covered 90.46% of the P939.7 billion revised target for the full year.
BTr said the growth can be primarily attributed to the higher year-on-year collections from import duties, VAT, and excise taxes as a result of a higher value of non-oil imports (net of rice), PHP/USD exchange rate, and value and volume of petroleum oil imports, among others.
For 2025, BOC is tasked to collect P1.06 trillion, 12.8% higher than this year’s revenue collection target.
